Business Briefs


POSTED: Saturday, November 28, 2009

Detroit paper on hiatus till Jan. 1

ROYAL OAK, Mich. » A new Detroit-area newspaper says it will stop publishing until after Jan. 1.

The Detroit Daily Press hit the streets Monday, and home delivery was planned for next week. But on its Facebook page, the paper said yesterday there's been a lack of advertising, sales and distribution. The paper calls it “;just a bump in the road.”;

A recorded phone message says there will be no paper for six weeks.

Publishers Mark and Gary Stern say they created the paper to provide seven-day-a-week home delivery after The Detroit News and Detroit Free Press reduced home delivery to three days a week. A message seeking comment was left yesterday with Mark Stern.

Colliers to be broker for Ilikai Shops

The Ilikai Hotel has selected Colliers Monroe Friedlander as the leasing broker for the Ilikai Shops, which includes restaurant, retail and office space, according to iStar Financial's affiliate, SFI Ilikai Retail Owner LLC.

Hotel Management Services LLC has been managing the 203-unit Ilikai Hotel and Suites since late July with a variety of support services from Aqua Hotels and Resorts. In addition, Elite Parking has been selected as the Ilikai's parking operator.

The Colliers team will be led by Jessika Fodor and Emalia Pietsch, who specialize in retail leasing, and Susan Ichimasa, who specializes in office leasing.

Wal-Mart prevails in union case

TORONTO » The Supreme Court of Canada said yesterday that Wal-Mart Stores Inc. was entitled to close a store in Quebec in 2005, seven months after workers voted to become the first Walmart in North America to unionize.

The highest court in Canada ruled in a 6-3 margin that the multinational had the right to shut down the outlet in Jonquiere, Quebec, and lay off 190 employees.

Deflation, surging yen hurting Japan

TOKYO » Japan got word yesterday that prices fell again in October, just as a surging yen threatens to worsen the deflation that is undermining the country's fragile economy.

The core consumer price index, which excludes volatile fresh food, retreated at a near-record pace of 2.2 percent from a year earlier, the government said. Prices have now fallen for eight straight months—a trend that the government highlighted last week for the first time in three years.

The news came amid heightened concern over the Japanese currency, which hit a new 14-year high against the dollar. A strong yen and deflation represent a perilous combination for the world's second-biggest economy.

Reno homeowners 'underwater'

RENO, Nev. » A new report shows that more than half of Reno-area homeowners with a mortgage owe more to the bank than their homes are worth.

First American CoreLogic reports that 52.6 percent of homeowners, or 51,797, were “;underwater”; on their mortgages by the end of the third quarter.

According to the report, Nevada had the highest negative equity rate in the nation at 65 percent, fueled by the Las Vegas area's housing market.

Nationwide, 23 percent of homeowners, or 10.7 million, were underwater.

Mark Fleming of First American CoreLogic says negative equity continues to affect almost every segment of the housing market.

He says the recent improvement in home prices has slowed the increase in negative equity, but it will take a significant rebound to help the most depressed states.


; The Gordon and June Ito Foundation has named Cathy Iwai as executive director. She was previously an executive assistant at Ito Healthcare Group for nine years, as well as administrative services coordinator for Shriners Hospitals for Children-Honolulu and executive director with the Hawaii Orthopedic Association and Pan-Pacific Surgical Association.


Sheraton Princess Kaiulani has appointed Jon Ushijima as front office manager. He was previously a guest service manager at Sheraton Waikiki Resort, as well as Asia sales manager, Japanese guest service manager and front office manager at Starwood Waikiki properties.


State Farm Insurance has appointed Young Park as agent. He was previously a senior commercial lines underwriter for First Insurance Co. of Hawaii and worked for State Farm in Pennsylvania.

Also, Suzette Rodolf was chosen as an agent. She was previously a team member in State Farm agent Henry Uyehara's office for 17 years, as well as agent/team leader for KeyCorp Insurance Agency, loan representative for Boeing Employees Credit Union and sales specialist for GE Capital Fleet Services.